Street Calls of the Week
SCOTTSDALE, AZ - Safety Shot, Inc. (Nasdaq:SHOT), a $57 million market cap company currently trading at $0.40 per share, announced Friday the appointment of BONK core founder Mitchell Rudy to its Board of Directors as the company continues its strategic pivot toward the digital asset ecosystem. According to InvestingPro data, the company maintains a positive cash position relative to its debt obligations.
Rudy, also known as Nom, replaces Dave Long, who is stepping down from the board. The new director has been active in the Solana ecosystem since 2021 and became a core contributor to the BONK project in 2022, bringing experience in software development with a focus on Natural Language Processing and Robot Process Automation. InvestingPro analysis shows the stock has demonstrated significant price volatility, with subscribers having access to 12 additional key insights about the company’s performance.
"I am excited to join the Safety Shot board at this pivotal moment," Rudy said in a press release statement. "We are building a first-of-its-kind bridge between the public markets and the vibrant BONK ecosystem."
The appointment aligns with Safety Shot’s evolving business strategy following its integration with letsBONK.fun. The company stated it is now focused on acquiring revenue-generating assets within the DeFi space to build a treasury of digital assets.
Safety Shot CEO Jarrett Boon expressed confidence in the new appointment, citing Rudy’s "deep, native expertise in the Solana ecosystem" as valuable to the company’s new direction.
The Nasdaq-listed company still maintains its beverage division, which includes its namesake Safety Shot drink designed to reduce blood alcohol content, and YerbaÉ, a plant-based energy beverage. With a current ratio of 1.16 and an overall weak financial health score according to InvestingPro’s comprehensive analysis, investors can access detailed financial metrics and expert insights through InvestingPro’s Research Reports, available for over 1,400 US stocks.
In other recent news, Safety Shot, Inc. has announced several significant developments. The company has priced a $30 million financing package, which includes a $5 million registered direct offering and a $25 million private placement paid in BONK tokens by the cryptocurrency’s founding members. Additionally, Safety Shot has amended the conversion terms of its Series C Convertible Preferred Stock, changing the conversion price from $0.5582 to $1.081 per share. This amendment was approved by the company’s Board of Directors and the sole holder of the Series C Preferred.
In another move, Safety Shot has acquired a 10% revenue sharing interest in BONK.fun, a decentralized platform on the Solana blockchain. This acquisition involves an initial $25 million in BONK tokens and the appointment of BONK’s founding members to Safety Shot’s Board of Directors. Moreover, Safety Shot has formed a strategic alliance with BONK founding contributors, which will provide the company with approximately $25 million worth of BONK tokens in exchange for preferred shares valued at $35 million. Lastly, David Sandler has resigned as Chief Operating Officer and will transition to a consultant role for six months.
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